Vietnam is set to launch its first domestic cryptocurrency exchange through a partnership between Dunamu, South Korea’s leading exchange operator Upbit, and MB Bank, one of the country’s five largest banks.
In the partnership, Dunamu provides technology, infrastructure and expertise, while MB Bank is a state-linked bank with around $50 billion in assets and 33 million customers.
Dunamu CEO Oh Kyoung-suk said Vietnam has over 20 million digital asset holders and the fifth largest inflow of blockchain-based assets in the world.
The potential of the combined Upbit model is capable of creating opportunities for the country’s digital financial infrastructure based on consumer confidence.
The launch is in line with Vietnam’s new Digital Technology Industry Law, officially legalizing and regulating digital assets. This policy change paves the way for a fully regulated crypto market, with the Dunamu-MB Bank partnership being a key pioneer.
Dunamu previously successfully developed Upbit into the world’s third largest exchange with a trading value of over $1.1 trillion, in addition to being involved in the formation of crypto regulations in South Korea.
